Group 1: IPO and Fundraising Trends - Hong Kong IPOs and follow-on fundraising are closely aligned with market cycles, with peaks typically coinciding with market highs, such as in 2010 and 2015[1] - In 2025, the Hong Kong IPO market saw a significant rebound, with total IPO proceeds reaching HKD 285.7 billion, a 224% increase year-on-year, while combined IPO and follow-on fundraising totaled HKD 645.9 billion compared to HKD 192.2 billion in 2024[1][7] - The IPO fundraising in 2025 marked the highest level since 2022, indicating a recovery trend supported by favorable policies and returning international capital[2][10] Group 2: Future Projections and Market Structure - In 2026, IPO proceeds are expected to exceed HKD 300 billion, continuing the recovery trend from 2024, driven by strong demand from emerging industries and policy support[2][10] - As of late February 2026, IPO proceeds had already reached over 25% of the previous year's total, with 488 companies in the pipeline, primarily from technology and healthcare sectors[2][10] - The supply structure of IPOs is improving, which may enhance the representation of growth industries in the Hong Kong market[2][10] Group 3: Regulatory Environment and Market Impact - The Hong Kong SFC introduced five new regulatory requirements to prioritize quality over quantity in IPOs, including tighter sponsor workload limits and stricter vetting standards[3][14] - IPO waves typically create structural rather than systemic impacts on the market, with temporary supply pressures absorbed by market liquidity[3][27] - Historical data shows that the Hang Seng Index does not experience systemic declines during unlock events, but rather exhibits increased volatility before unlocks and stabilization afterward[4][28] Group 4: Unlock Supply and Market Dynamics - In 2026, the unlock supply is expected to exceed HKD 450 billion in the first half, peaking at approximately HKD 581.6 billion in September, primarily driven by Zijin Gold International[4][15] - The unlock supply is concentrated in the IT, consumer discretionary, and healthcare sectors, which may lead to sector-level volatility during the unlock period[4][28] - Macro fundamentals and global liquidity conditions remain key determinants of market trends, with unlocks reflecting structural disturbances rather than systemic risks[4][16]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The government work report in 2026 emphasizes "new - quality productivity" and "artificial intelligence +", proposing to build emerging pillar industries and cultivate future industries. It also focuses on AI underlying computing power infrastructure [1][10]. - The overall position of convertible bonds should be maintained with prudent neutrality. It is expected that there will be better allocation opportunities after the equity and convertible bond markets fully digest the high valuations in the second quarter. Attention should be paid to individual bonds with strong conversion demands and conversion capabilities, and high - price and high - premium convertible bonds should be avoided unless the underlying stocks have sufficient short - term elasticity [3][27]. - The convertible bond market declined last week, and the valuations of low - rated and small - scale convertible bonds increased significantly. The market is in the process of digesting high valuations, and the valuations of high - price and newly issued convertible bonds have declined more significantly [25][40]. 3. Summary According to the Table of Contents 3.1 From the Two Sessions, Which Sectors in the Convertible Bond Market Are Worth Paying Attention To? - **Policy Focus**: The Two Sessions' policy orientation shows that emerging expenditure industries and future industries are still the policy focus. The government work report in 2026 emphasizes "new - quality productivity" and "artificial intelligence +", proposing to build emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low - altitude economy, and cultivate future industries such as future energy, quantum technology, embodied intelligence, brain - machine interface, and 6G. It also focuses on AI underlying computing power infrastructure [1][10]. - **Integrated Circuit Sector**: There are many convertible bond targets in the integrated circuit sector, covering the upstream and mid - stream. However, some individual bonds are about to leave the non - call commitment period, and some are about to trigger the call, which may be a disturbing factor [12]. - **Aerospace Sector**: Convertible bond targets in the aerospace sector are concentrated in materials and parts, mainly involving core component manufacturing, complete machine matching, and operation services. The policy of "encouraging central and state - owned enterprises to take the lead in opening up application scenarios" may drive private aerospace entities [14]. - **Biomedical Sector**: The trading in the biomedical sector has cooled down. The conversion premium rate of the pharmaceutical sector is at the 63.70% quantile since 2023, and the trading congestion is relatively low. Attention can be paid to the performance realization of innovative drug - related targets [15]. - **Future Industries**: There are few targets in future industries. Future energy and embodied intelligence - related targets are relatively abundant. The 6G concept includes Ruike Convertible Bond and Hongtu Convertible Bond. Attention can be paid to the progress of convertible bonds in the pre - issuance stage [2][17]. 3.2 Convertible Bond Strategy: Maintain a Prudent and Neutral Position and Shift Elastic Allocation to Balance - **Market Trends**: The trading mainline of the equity market this week is concentrated on geopolitical conflicts and the Two Sessions. Geopolitical conflicts in the Middle East have strengthened the expectation of rising oil and gas prices, and some chemical, energy, and shipping sectors have shown obvious high - volatility rises. The technology - growth sectors that performed well at the beginning of this year have adjusted significantly this week [22]. - **Investment Strategy**: As the impact of geopolitical conflicts reaches a climax, participation in relevant sectors should focus on trading thinking. Although the technology - growth sectors have adjusted in the past two weeks, their long - term logic remains unchanged. Attention should be paid to the performance - realization directions during the performance disclosure period. Overall, the position should be maintained with prudent neutrality, and better allocation opportunities may appear after the second quarter [22][27]. 3.3 Market Review: The Convertible Bond Market Declined Weekly, and Valuations Rose - **Weekly Market Conditions**: Most major stock indexes declined last week. The CSI 300 index fell 1.07%, the CSI 500 fell 3.44%, the CSI 1000 fell 3.64%, the CSI 2000 fell 3.00%, and the CSI Convertible Bond Index fell 2.07%. Small - cap stocks and convertible bonds performed weakly overall. Different concepts showed different performances [36][37]. - **Valuation Performance**: The closing prices of equity - biased, bond - biased, and balanced convertible bonds all declined. The proportion of convertible bonds in the range above 150 decreased significantly. The median price decreased by 1.09%. The premium rates of low - rated and small - scale convertible bonds increased significantly, while the conversion premium rate of convertible bonds in the 120 - 130 (inclusive) parity range decreased by 3.06 percentage points [40]. 3.4 Terms and Supply: Three Convertible Bonds Announced Call, and the Total Newly - Promoted Scale Is Approximately 6.993 Billion - **Terms**: As of March 6, Zhonghuan Zhuan 2, Hengyi, and Anji Convertible Bonds announced early redemption; no convertible bonds announced non - early redemption; Fenggong, Hangxin, Liyang, Baichuan Zhuan 2, and other convertible bonds announced that they were expected to meet the call conditions. Qiaoyin, Hongtu, and Wentai Convertible Bonds proposed downward revision of the conversion price by the board of directors; Bairun Convertible Bond announced the downward revision result; Xianle Convertible Bond announced no downward revision; four convertible bonds announced that they were expected to trigger downward revision [4][56]. - **Primary Market**: Last week, Changgao, Xianghe, and Tonglian Convertible Bonds were issued, with a total scale of 173.5 million yuan, and no convertible bonds were listed. Two companies added board of directors' pre - plans, one company passed the shareholders' meeting, two companies passed the review by the issuance review committee, and no new companies were approved by the CSRC. As of March 6, five listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 3.828 billion yuan; two companies newly passed the review by the issuance review committee, with a total scale of 1.79 billion yuan; two companies newly added board of directors' pre - plans, with a total scale of 1.375 billion yuan [5][59][70].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry for other sectors [5][16]. Summary by Relevant Sections 1) Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [6] - The demand for high-speed transmission in data centers is increasing due to the rise of generative AI, with Micro LED CPO solutions expected to significantly reduce energy consumption compared to traditional copper cable solutions [7][25]. 2) Aerospace Sector - Key areas of interest include PI films, precision ceramics, and carbon fibers [8]. 3) New Energy Sector - Focus on photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [10]. - In January 2026, there were 5,690 new renewable energy projects registered, with 5,618 being photovoltaic projects [11]. 4) Biotechnology Sector - Key areas of interest include synthetic biology and scientific services [12]. - Recent government opinions indicate a push for technology insurance to support high-risk R&D in fields like synthetic biology, highlighting its strategic importance [13]. 5) Energy Conservation and Environmental Protection Sector - Focus on adsorbent resins, membrane materials, and biodegradable plastics [14]. - The government aims to promote green and low-carbon economies, with plans for a national low-carbon transition fund [15]. 6) Key Companies and Profit Forecasts - The report lists several key companies with their stock prices and earnings per share (EPS) forecasts for 2024, 2025, and 2026, along with their investment ratings [17]. - Notable companies include: - Ruihua Tai (688323.SH) with a projected EPS of 0.26 in 2026 and a rating of "Increase" [17]. - Guangwei Composite (300699.SZ) with a projected EPS of 1.09 in 2026 and a rating of "Buy" [17]. - Wanrun Co. (002643.SZ) with a projected EPS of 0.58 in 2026 and a rating of "Buy" [17].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][25]. Core Insights - The report highlights the increasing attention towards OpenClaw, which has surpassed 270,000 stars on GitHub, indicating a significant rise in popularity compared to other technologies like React, Linux, and Python [1][4]. - Shenzhen has introduced policies to support the development of OpenClaw, including subsidies for key code contributions and innovative application projects, which are expected to enhance the growth of AI agents in various sectors [2][3]. - The acceleration of AI agent adoption, represented by OpenClaw, is expected to drive demand for cloud computing power, as user growth and increased usage frequency will lead to a feedback loop enhancing model capabilities [4]. Summary by Sections Industry Focus - The report emphasizes the rapid growth of AI agents, particularly OpenClaw, which is expected to create new market opportunities in sectors such as smart manufacturing, smart governance, and smart healthcare [4][3]. Investment Opportunities - Recommended stocks include domestic CPU manufacturers like Haiguang Information and Longxin Zhongke, as well as companies involved in end-side AI such as Shenkeda and Longqi Technology [4][5]. - The report also identifies potential investments in space laser communication and satellite communication technologies, highlighting companies like Fenghuo Communication and Hekang Communication [4][5].

Investment Focus - The report highlights that the Japanese stock market is experiencing a phase of adjustment due to geopolitical tensions, particularly the military strikes by the U.S. and Israel against Iran and the blockade of the Strait of Hormuz, which has increased uncertainty in global energy supply [1][3] - Japan's stock market, heavily reliant on Middle Eastern crude oil, has shown significant volatility, with the Nikkei 225 index dropping by 5.49% to 55,620.84 and the TOPIX index falling by 5.63% to 3,716.93 last week [3][6] - Despite short-term geopolitical risks dominating market sentiment, the fundamentals of the Japanese stock market remain largely unchanged, supported by domestic economic policy expectations, corporate earnings, and the AI industry cycle [1][3][23] Market Performance - The report notes that the WTI crude oil price surged from $65 per barrel to $90 due to the conflict, raising concerns about stagflation and putting pressure on global risk assets [3][4] - Japan's economy is particularly sensitive to energy supply uncertainties, with over 90% of its crude oil imports coming from the Middle East, primarily through the Strait of Hormuz [4][5] - The report indicates that if oil prices continue to rise, it could erode consumer purchasing power and suppress domestic consumption, which constitutes about half of Japan's GDP [5][6] Sector Analysis - The semiconductor and AI-related stocks, which had previously led the market, experienced notable pullbacks, while defense-related stocks also saw declines despite increased demand for weapons due to the conflict [7][8] - Conversely, funds have shifted towards domestic demand-driven sectors such as warehousing and gaming, with the TSE Growth Market 250 index showing resilience, only slightly declining by less than 1% [7][8] - The software sector continued to outperform, with companies like Fujitsu and TrendMicro seeing stock price increases, reflecting market confidence in the sustainability of digital transformation demands in Japan [8][9] Long-term Outlook - The report emphasizes that the recent market adjustments are viewed as temporary fluctuations due to external shocks rather than a fundamental reversal of Japan's economic trends, which have been improving over the years [9] - Japan's economy is gradually emerging from a prolonged deflationary environment, with structural changes in wage growth, corporate investment, and pricing mechanisms becoming evident [9] - The report suggests that Japan's high-end manufacturing advantages, particularly in semiconductor equipment and precision machinery, are likely to benefit from the ongoing global technology cycle, supporting future profit growth and valuation improvements [9]

Core Insights - The article emphasizes the importance of efficiently navigating through a large volume of announcements to identify key investment opportunities and risks [1] Group 1: Selected Highlights - On March 3, a recommendation was made regarding a company involved in semiconductor and storage chip production for Meta's AI smart glasses, predicting a nearly tenfold year-on-year net profit growth for January-February. Following this, the stock of Baiwei Storage hit a 20% limit up on March 4, and continued to rise by 8.81% on March 5 and 9.31% on March 6, resulting in a cumulative increase of nearly 40% over three trading days [2] Group 2: Today's Overview - A company plans to invest 5.5 billion yuan in a high-frequency, high-speed printed circuit board project, focusing on PCB, chips, computing power, AI, industrial internet, and high-end manufacturing [3] - Another company intends to invest 3.5 billion yuan in the construction of perovskite stacked battery equipment, targeting the perovskite battery, HJT battery, photovoltaic, and advanced manufacturing sectors [3] - A third company aims to raise 5.8 billion yuan through a private placement to fund an 8×75MW back-pressure unit project, with a focus on photovoltaic, silicon-based anode batteries, silicon carbide, organic silicon, and graphite electrodes [3]

Group 1 - The article discusses the recent volatility in global markets, particularly focusing on the significant rise in oil prices and its implications for various asset classes [1][4][9] - Oil prices have surged nearly 30% this week, marking the largest weekly increase in history, surpassing previous spikes during geopolitical conflicts [9][15] - The performance of major stock indices has been affected by the volatility, with European and Asian markets experiencing larger declines compared to the US markets due to their higher dependence on energy imports [6][16] Group 2 - The article highlights the correlation between rising oil prices and inflation expectations, which have led to increased bond yields in the overseas bond market [7][21] - Gold prices have decreased by 2% this week, influenced by liquidity disturbances and a strong US dollar [8][18] - The article emphasizes the importance of maintaining a "anti-fragile" investment portfolio that can withstand the uncertainty surrounding oil price movements [8][25] Group 3 - The US stock market faced significant declines on Friday, with the Nasdaq and S&P 500 dropping 1.5% and 1.3% respectively, primarily due to rising oil prices and disappointing employment data [16][18] - The VIX volatility index surged by approximately 24%, indicating increased market fear and potential for continued volatility [17][25] - Long-term investment opportunities are emerging as US stock valuations approach relative lows, suggesting potential for recovery despite short-term risks [23][25] Group 4 - The Hong Kong stock market's performance has been mixed, with the technology sector lagging behind while other sectors show structural opportunities [30][32] - The article notes that the recent IPO-related news did not significantly impact market performance, indicating that market sentiment may need to adjust [26][32] - The overall performance of the Hong Kong market has been driven by factors beyond the internet sector, suggesting resilience in other areas [30][32] Group 5 - The article outlines key upcoming events in the A-share market, including the closing of the Two Sessions and the release of important economic data such as CPI and PPI [33][37] - The recent increase in the US dollar index and its impact on the offshore RMB exchange rate is highlighted, indicating a strong currency performance [33][37] - The potential for structural opportunities in the chemical sector is noted, particularly in light of supply disruptions from Qatar's LNG production [37]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The most significant changes in market sentiment this week were observed in the oil and petrochemical, and transportation sectors, with the oil and petrochemical sector showing a positive change rate of 154.9% [27] - The overall market valuation for major indices is high, with the rolling 5-year historical percentiles for the CSI 300, CSI 500, and CSI 1000 at 93%, 99%, and 99% respectively [41] - The report highlights that several primary and secondary industries are currently above the 80% historical percentile, indicating potential overvaluation, including power equipment, electronics, and steel [43][44] Market Sentiment Monitoring - The weekly heat change rates for major indices showed that the CSI 300 increased by 10.5%, while the CSI 2000 decreased by 3.52% [16] - The top five primary industries with positive heat change rates were oil and petrochemical, transportation, public utilities, agriculture, forestry, animal husbandry, and fishing, and steel [27] - The top five secondary industries with the highest positive heat change rates included refining and trading, gas II, oil service engineering, shipping ports, and agricultural chemical products [27] Market Valuation Monitoring - The report indicates that the current valuation of several primary industries is above the 80% historical percentile, including power equipment, electronics, and steel [43] - Conversely, industries such as food and beverage, and non-bank financials are below the 20% historical percentile, suggesting potential undervaluation [43] Weekly Event Tracking - A total of 12 stock incentive events were tracked this week, indicating ongoing corporate governance activities [45] - There were 26 significant shareholder changes, with 22 reductions and 4 increases, reflecting shifts in investor sentiment [48] - The report also tracked 10 private placement events, highlighting capital-raising activities within the market [50] Summary - The report emphasizes the importance of monitoring market sentiment and valuation metrics to identify potential investment opportunities and risks within the industry [6][39]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The technology industry experienced a total of 119 financing events globally from February 28 to March 6, 2026, with 101 events in China and 18 abroad, highlighting strong investment activity in advanced manufacturing, artificial intelligence, and enterprise services [9] - The semiconductor index, automotive electronics index, artificial intelligence index, and metaverse index saw significant declines, with weekly drops of 5.58%, 6.27%, 6.68%, and 4.44% respectively, indicating a challenging market environment [23] - Notable advancements in quantum technology include the introduction of a new paradigm for quantum weight reduction through layered coding by the University of Maryland, which could enhance efficiency in quantum computing applications [3][7] Summary by Sections Financing Overview - A total of 119 financing events occurred in the technology sector during the specified week, with advanced manufacturing leading with 43 events, followed by artificial intelligence with 40 events, and enterprise services with 11 events [9] IPO Updates - Hefiman Technology Group was listed on the Beijing Stock Exchange on March 4, 2026, focusing on high-fidelity audio products [10] - Guomin Technology passed the Hong Kong Stock Exchange listing hearing, aiming for a mainboard listing [14] - Feisuk Innovation also passed the listing hearing for the Hong Kong Stock Exchange, targeting the mainboard [17] - Gorelli submitted a prospectus for a mainboard listing on the Hong Kong Stock Exchange [20] Market Performance - The overall market indices experienced declines, with the Shanghai Composite Index down 0.93% and the Shenzhen Component Index down 2.22% [23] - The semiconductor index's PE ratio decreased by 11.7% week-on-week, indicating a drop in valuation [27] - The PB ratio for the semiconductor index also fell by 5.4%, reflecting a broader trend of declining valuations across technology sectors [29] Technological Advancements - The report highlights several breakthroughs in advanced semiconductor technology, including a dual-band perovskite single-pixel detector developed by teams from various universities, which enhances color image encryption capabilities [31] - A moisture-responsive crystallization strategy for CsPbI3 solar cells was proposed, allowing for efficient production under high humidity conditions, which could significantly impact solar cell manufacturing [38] - The RE-DBR laser architecture developed by the University of Hong Kong aims to achieve ultra-narrow linewidth and wide-range tuning without mode hopping, addressing limitations in current laser technologies [42]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The electronic sub-industry has experienced significant adjustments recently, with the semiconductor sector showing a year-to-date increase of +9.93%, while consumer electronics have decreased by -4.34% [3][10] - AI ASIC demand is surging, with Broadcom's FY26Q1 revenue reaching $19.3 billion, a year-on-year increase of 29%, driven by a 106% growth in AI-related semiconductor revenue [3] - Marvell's FY26Q4 revenue hit $2.2 billion, a 22% year-on-year increase, with data center business contributing approximately 74% of total revenue, indicating strong growth potential in AI infrastructure [3] Summary by Sections Electronic Industry Performance - The electronic sub-industry has seen a significant adjustment, with various sectors experiencing different year-to-date performance metrics [3][10] - Notable declines in stock prices were observed among major North American companies, with TSMC down by -9.53% and Micron Technology down by -10.20% [3][11] Company-Specific Developments - Broadcom's AI semiconductor revenue is projected to reach approximately $10.7 billion in FY26Q2, indicating a robust growth trajectory in the AI ASIC market [3] - Marvell is transitioning towards becoming an "AI data center infrastructure platform company," with expectations of continued revenue acceleration in FY27 [3] Investment Recommendations - Suggested companies to watch include: Industrial Fulian, Huadian Co., Pengding Holdings, and Shenghong Technology for overseas AI; and Cambricon, Chipone, SMIC, and Huahong Semiconductor for domestic AI [3][4]